The Decision Making Process
The decision making process involves a selection of a "course of action among alternatives"1, leading to a final choice. In business and management, the decision making process is based on several decision making models, such as: SWOT analysis (concerning an individual's or a company's strengths, weaknesses, opportunities and threats), analytic hierarchy process (used for multi-level goal hierarchy), buyer decision processes, cost-benefit analysis, decision tree, force field analysis, strategic planning and others.Another economic field that uses quantitative methods is marketing. The activities of a marketing plan must be grouped in order to be carried on logically and chronologically. A series of methods and techniques can be used for coordinating a marketing program's activities, some of them being considered as classic: regression and correlation analysis, matrix analysis, while others are referred to as modern techniques: linear programming, input-output analysis, Markov chains, risk analysis and others. The most used techniques are the Critical Path Method and the Program Evaluation and Review Technique, both of them seeking to optimize a complex program, in which every activity's duration is evaluated by determined number
Applying the Program Evaluation and Review Technique to the company's situation leads to the following conclusions: the probable duration of the project is 50 days. In some cases, they are now considered to be one method: PERT/CPM. The estimated time for each activity has been determined by calculating the mean between the optimistic time, the most likely time and the pessimistic time. 7PERT's advantages come from providing useful information regarding the expected project completion time, the probability of completion before a specified date, the critical activities with direct influence on the project's completion time, activities with slack time. For example, activity K (finalizing the web site and placing it on the Internet supplier's server) can only take place if the preceding activities, C (designing the web site), G (acquisition of the software product needed for processing the orders paid through credit card), I (acquiring a domain name) and J (acquiring the products from the suppliers and testing them) have been finalized. CPM is perfect for complex routine projects with a minimum degree of uncertainty regarding the project completion times. If it has a positive value, it indicates the amount of time a task can be delayed without jeopardizing the project by delaying its finish date. The two methods have been modified as they area of usage has increased. For each of the project's activities the following ES, EF, LS and LF have been determined: for A: ES=0, EF=1, LS=0, LF=1; for B: ES=1, EF=2, LS=20, LF=21: for C: ES=1, EF=21, LS=5, LF=25; for D: ES=1, EF=6, LS=16, LF=21; for E: ES=ES=1, EF=4, LS=1, LF=4; for F: ES=2, EF=4, LS=21, LS=23; for G: ES=6, EF=10, LS=21, LF=25; for H: ES=4, EF=19, LS=4, LF=19; for I: ES=4, EF=6, Ls=23, LF=25; for J: ES=19, EF=25, LS=19, LF=25; for K: ES=25, EF=27, LS=25, LF=27; for L: ES=27, EF=30, LS=43, Lf=46; for M: ES=27, EF=30, LS=44, LF=47; for N: ES=27, EF=30, LS=43, LF=46; for P: ES=27, EF=29, LS=39, LF=41; for Q: ES=27, EF=34, LS=27, LF=34; for R: ES=30, EF=31, LS=46, LF=47; for S: ES=30, EF=32, LS=47, LF=49; for T: ES=30, EF=33, LS=46, LF=49; for U: ES=29, EF=32, LS=41, LF=44; for V: ES=31, EF=33, LS=47, LF=49; for X: ES=32, EF=37, LS=44, LF=49; for Y: ES=34, EF=49, LS=34, LF=49; for Z: ES=49, EF=50, LS=49, LF=50. After the network diagram has been drawn, we must estimate the activity times, usually represented in weeks as unit of time for activity completion. The last step of CPM is updating the CPM diagram as the project progresses. Total slack can have positive or negative value. It is very helpful in reducing both the time and cost necessary for completing a project. The company also plans to offer its potential clients the opportunity to try the software products before buying.
Common topics in this essay:
A-Z Secondly,
Software Games,
Due PERT,
Review Technique,
,
LS=49 LF=50,
PERT PERT,
Method CPM,
Using CPM,
Path Method,
critical path,
preceded et=2 days,
preceded et=2,
preceded et=3,
computer games,
web site,
et=2 days,
preceded et=3 days,
et=3 days,
review technique,
evaluation review technique,
evaluation review,
critical activities,
program evaluation review,
critical path method,
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